Transport for London (TfL) has announced that by the end of 2012, passengers on the city’s Tube, bus, tram or train will be able to pay for their journeys with contactless bank cards, according to Silicon.com.

TfL says it will work to upgrade Oyster’s software system to accept contactless debit and credit cards in time for the 2012 Olympic Games in July.

According to Mayor Boris Johnson, the upgrade will make London the first city in the world to accept contactless bank cards across its entire transit network.